Mahs gets Rs 12.1-tln investment commitments from 3-day summit

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PTI

February 20, 2018

UPDATED: February 20, 2018 22:00 IST

Mumbai, Feb 20 (PTI) Maharashtra chief minister Devendra Fadnavis said the state has signed as many as 4,106 investment proposals worth Rs 12.10 trillion in the three-day global investor summit that concluded here today.

Besides, the state has also signed 104 proposals with the Centre worth Rs 3.90 trillion for investments in various infrastructure projects, he said.

Among the key sectors, close to 3,516 proposals worth Rs 5.48 trillion were signed for industry projects, with big names such as Reliance Industries, Virgin Group and JSW Electrical Vehicles, among others showing interest.

"In these three days we have signed 4,106 memoranda of understanding (MoUs), worth Rs 12.10 trillion. The proposed investments will generate employment for 36.77 lakh," Fadnavis said at the closing day of the three-day Magnetic Maharashtra summit which inaugurated by Prime Minister Narendra Modi last Sunday.

Fadnavis said backward districts in the Marathwada and Vidarbha regions are attracting a large share of these investments.

"One of the specialities of these agreements is all of these investments are going to the backward regions, specially into tier III cities. If I say the biggest beneficiary of the summit is the Marathwada region, it wont be wrong," he said.

Reliance Industries has committed an investment of Rs 60,000 crore for developing a digital industrial area, while Virgin HyperloopOne will be investing Rs 40,000 crore to construct a hyperloop between Mumbai and Pune.

The state also received investment intentions of Rs 5,700 crore in the information technology sector and Rs 2,436 crore in higher education.

It also signed an agreement with the Railways for setting up a metro coach factory in Latur. In the first phase, the investment in the coach factory will be to the tune of Rs 600 crore.

Railway minister Piyush Goyal, who was also present at the event, said the idea is to develop a large 2,000-acre complex in Latur which will not only manufacture metro coaches for Maharashtra but across the globe.

"The idea is to build the best of technologies from across the world and set up a large facility which will serve the metros not only in the country but across the world," Goyal said.

Other companies that signed investment proposals include Lloyds Metal & Energy, Technocraft Industries, Hyosung, Adani Green Energy, ReNew Power Ventures, Tata Power SoftBank Energy and the Raymond Group among others.